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Category Archives: Bankruptcy Questions

Archives: Bankruptcy Questions

I transferred property to someone recently. Will that be a problem in my bankruptcy?

Probably you will face difficulties because of the transfer, especially if you did not receive fair value and/or if you disposed of the funds you received from that transaction in an inappropriate way. You must be very careful not to transfer anything without first seeking the advice of legal counsel, because there could be significant ramifications involved. If you have already transferred the property, you may still be able to minimize the probable damage you have caused. Call our office now to schedule an appointment so that we can properly assess the situation and determine your best options.

I own some land. Will I lose it?

It depends on which state’s exemptions need to be used. If Arizona’s exemptions are the ones that need to be used, you will be able to keep one house if it has equity of less than $150,000 (unless you recently purchased the property, in which case the exemption amount is slightly lower) and meets several other conditions. We will analyze this for you at your first appointment. However, what you own is only raw land and it has value, you are likely to risk losing it in a chapter 7 bankruptcy in Arizona, if Arizona’s exemptions apply.

I have a savings account. Will I lose it?

It depends on which state’s exemptions need to be used. If Arizona’s exemptions are the ones that need to be used, you are allowed to have only one bank account with not more than $150 (if single) or $300 (if married) in that account. Any amount over and above the limit on the day you file your bankruptcy case can be taken from you and distributed to your creditors. Even if you wrote checks and in your mind you consider the money to be “gone,” if it is still technically in the account because the checks have not cleared your account, the trustee will make you turn over those funds (or write a new check if the funds are gone by the time the trustee makes the claim against you) to the Arizona bankruptcy court.

Someone owes me money. Will I be able to pursue them after the bankruptcy to collect what they owe me?

It depends on which state’s exemptions need to be u sed. If Arizona’s exemptions are the ones that need to be used, you will lose it if the both the claim and the target are strong enough to make it worthwhile for the trustee to pursue the claim (by settlement or lawsuit) and distribute the net sales proceeds to your creditors. Exceptions apply in Arizona for child support debt, spousal maintenance debt, and other limited situations.

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